Located on the Big Island of Hawaii, this luxury condo developer maintained ownership of the last 3 units of this successful project within the Mauna Lani neighborhood. They were looking to retire the construction loan and recapitalize the debt which prompted an initial call to SFG. The units are currently leased to a popular vacation club but the owner also wanted the ability to sell the units in the future, requiring sensible deed releases from the new lender (SFG). In addition to individual unit releases, an interest reserve was established to cover anticipated marketing time and any potential business interruption brought on by travel restrictions to Hawaii. The low LTV, strong sponsorship, and excellent location were key elements making this request fit the mark for our portfolio. The fact that the borrowers were a foreign national corporation was not an impediment to a successful Seattle Funding Group loan closing. In fact, SFG specializes in lending to foreign national borrowers who are well-qualified but lack access to traditional lending markets.
Value: $9,000,000
LTV: 47%
